thanks VRW - Can't I just buy PT 10 +11 and just install Pt 10 with Lion or not happening?

yeah of course, you will have to buy/upgrade to PT11 (which comes bundled with 10) anyway
but as these both versions will be available as 2 separate installers from your Avid account then,
you also can only download and install PT10 which also works on Mac OS X Lion.

This should be no problem.
Just make sure to select all the right drivers and versions for your hardware and other software
(plugins+VIs) for PT10+Mac OS Lion.

Ok great, the moderator on the other thread I have recommends Mountain Lion for Pt10 over Lion. Smoother, less buggy sessions with Mountain Lion?
Also, is it easy to transfer my iLok licenses to iLok2 ? I am hoping I can keep my iLok licenses intact and simply ALSO sync them to iLok 2.... possible?

As mentioned before me personally would use Mountain Lion for 2 reasons.

First it is the latest evolving stage with PT10 which is always great as most
of the bugs should have been solved up to this time.
Secondly you just have the option to install PT11 just to try it out later, whenever
you would be interested. You don´t have to but you can if you would want to one
day very easily.

But to receive this option you will have to install Mountain Lion 10.8.5 and Pro Tools
10.3.9. This should work actually and give you the possibility to install PT11 later.

Also, is it easy to transfer my iLok licenses to iLok2 ? I am hoping I can keep my iLok licenses intact and simply ALSO sync them to iLok 2.... possible?

Yes, it´s easy. You connect both iLoks to your computer, open iLok Manager software,
put your licenses from the iLok 1 back to your iLok-account and then, from your iLok-
account you put it on your new iLok 2.

You cannot pull it directly from iLok 1 to iLok 2, you have to do via your iLok-account
but actually it´s no problem and easy.